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Credit Search

What is a Credit Search?

A Credit Search is a check made by a lender using a Credit Reference Agency to view your Credit Report. A Credit Search is different to an Enquiry, as in every case it relates to the assessment of an application for credit.

The amount of information that the lender is able to see on a Credit Search is dependent on the amount of information that they share. This is in accordance with the Principles of Reciprocity, which say that to receive a defined level of detail, then the lender must itself report the same level of detail about all of its customers every month to a Credit Reference Agency.

Most consumers have around 6-12 Credit Searches on their Credit Reports each year. Contrary to popular folklore, searches alone do not severely impact your credit score – you cannot be penalised for shopping around for credit. That said, a lot of Credit Searches undertaken in a very short period may be an indicator of fraudulent activity.

Credit Searches remain on your credit report for 1-2 years depending on the credit reference agency.

Q: Why do lenders need to carry out a credit search?

A: To look at your repayment history and assess whether it is worth taking the risk of loaning you credit. If you’ve had trouble making payments in the past, a lender might think twice about offering you credit again, but without a credit check they have no way of knowing.

Q: How long does a credit search stay on my file?

A: Typically Callcredit, Equifax and Crediva report searches for 2 years, while Experian reports them for 1 year. Searches carried out by a debt collector will remain on your credit report for 2 years.

What do credit searches look like on my credit report?

A:You can see Enquiry and Application searches on your checkmyfile Credit Report. You will be able to see who carried out the search and when- monitoring your report can be an effective way to spot fraudulent attempts to take out credit.

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Information

checkmyfile is a trade mark and is a trading name of Credit Reporting Agency Limited (Registered number 3719598). Credit Reporting Agency Limited is authorised and regulated by the Financial Conduct Authority (firm reference 690175). Credit Reporting Agency Limited is a Credit Reference Agency notified with the Office of the Information Commissioner, registration number Z6636832. Our VAT number is GB 738 731 215. Credit Reporting Agency Limited is registered in England and has its registered office at Trevithick House, Trevissome Park, Truro, TR4 8UN.

Monthly fee of £14.99 applies after your free 30-day trial. You may cancel at any time without charge by Freephone, Secure Message, email or online. The free 30-day trial applies only to new customers aged 18 years or more who are living in the UK. The 30-day free trial period starts when you register. If we are unable to verify your identity online when you register, we may ask you to provide information to us which may delay access to your Credit Report.

* The data we obtain from the four Credit Reference Agencies, which we use to build your checkmyfile Credit Report, differs in depth. We obtain all available data from Callcredit, Crediva and Equifax. Experian provides us with the data they report to lenders with the exception of the credit history data that lenders provide to them, which lenders also provide to Callcredit, Equifax or to both in the vast majority of cases; and also with the exception of Cifas fraud data, which is supplied to Experian in the same format to Callcredit and Equifax, and which we also show on your checkmyfile Credit Report. We present all of this data in the same format so you can more easily compare the differences between agencies, spot errors and, by using the common yardstick of your checkmyfile Credit Scores, you can also see how your creditworthiness differs, depending on which Credit Reference Agency is searched by a prospective lender.